Pension drawdown glossary
Moving a pension to a new provider without selling the investments, so they are re-registered rather than cashed in and you stay invested throughout. The new provider must be able to hold the same investments; funds sometimes move into a different share class.
Source: HMRC Pensions Tax Manual PTM104000: transfer of drawdown pensions · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.